Tullett Prebon plc Preliminary Results 2006 March 2007 Terry Smith, Chief Executive Paul Mainwaring, Finance Director

Terry Smith Chief Executive

3 Themes Creation of significant shareholder value Demerger of Collins Stewart £301.5m return of capital Final dividend 6p per share

4 Operational and Strategic Highlights Integration cost benefits fully realised Underlying revenue growth of 5% Strong performance in Europe TradeBlade TM rollout continuing Chapdelaine acquisition Asia recovery

5 Financial Performance £m Revenue Operating Profit before -Exceptional items Exceptional items & double running costs Operating Margin before -Exceptional items17.6%14.0% -Exceptional items & double running costs17.6%15.4%

6 Revenue Growth Full Year £m Reported Translation Discontinued activities-(25.6) %

7 Revenue Growth H2 £m Reported Translation5.4(5.2) Discontinued activities-(6.8) %

8 Revenue by Region £m Change Europe % North America % Asia Pacific % % Discontinued activities %

9 Revenue by Product Group £m Change Treasury Products % Interest Rate Derivatives % Fixed Income % Equities % Energy % Information Sales % Discontinued activities %

10 Operating Profit and Margin by Region £mOperating ProfitMargin Europe %13.1% North America %15.5% Asia Pacific %12.1% %14.0%

11 Performance Measures Broker headcount1,5121,588 Average revenue per broker£413k£377k Broker employment costs : broking revenue57.9%57.7% Broking revenue per support staff head£1,005k£898k

12 TradeBlade TM Repo – launched January 2006 – 35% share of electronic volumes Agencies – launched November 2006 – supports existing voice broking Treasuries – re-launched improved platform February 2007 Bills – launched February 2007 – 15% share in first month 3 more products to launch this year

13 Chapdelaine Corporate, emerging markets, CDS – fully integrated Revenues above expectations Strong initial margins

14 Comparison with Sector Revenue 2006 £m Operating Profit 2006 £m Operating Margin 2006 % Operating Margin 2005 % ICAP (all activities)1, %21.8% ICAP (voice broking & Information Sales) %20.6% Tullett Prebon %14.0% GFI %15.7% Tradition %5.2% eSpeed80.7(5.0)-6.2%2.6%

Paul Mainwaring Finance Director

16 Profit & Loss £m Revenue Operating profit before exceptional items Exceptional items-(38.3) Finance income/(expense)10.2(0.1) Profit before tax Tax(41.0)(25.0) Associates-0.7 Profit for the year

17 Finance Income/(Expense) £m Interest receivable Interest payable(13.6)(14.5) Amortisation of debt issue costs(0.4) Net ‘cash interest’ expense(4.0)(7.5) MTM gain on equity swap Fair value hedge accounting0.5(0.7) Pension asset return/interest cost0.3(1.2) Non cash items Per profit and loss account10.2(0.1)

18 Taxation £m PBTTax Effective RatePBTTax Effective Rate Per profit & loss account % % Exceptional items Finance income/expense - non-cash items(14.2)(0.1)(7.4)0.4 Prior years tax adjustments Underlying % %

19 EPS £m Profit for the year Minority interests(0.4) Earnings Exceptional items-38.3 Non cash items in finance income/expense(14.2)(7.4) Tax on the above0.1(11.7) Adjusted earnings Weighted average number of shares210.7m208.5m Adjusted EPS33.0p22.4p

20 Operating Cash Flow £m Operating profit before exceptional items Exceptional items-(38.3) Share option plan charges Depreciation/amortisation EBITDA Capital expenditure (net of NBV of disposals)(3.7)(6.3) Working Capital12.8(2.0) Operating cash flow

21 Net Cash Flow £m Operating cash flow Interest(3.6)(6.8) Taxation(27.7)(20.1) Pension funding(2.1) Transaction costs(2.2)- Purchase of own shares/options cash settled(14.6)- Dividends paid(33.8)(18.3) Dividends paid to minorities(0.2)- Acquisitions/investments in associates-(5.0) Issue of ordinary shares-1.3 Net cash flow

22 Balance Sheet £m Goodwill311.7 Associates/investments Operating assets/(liabilities)(33.1)(14.9) Outstandings with Collins Stewart-19.6 Current tax(29.1)(14.3) Deferred tax Pensions(26.2)(36.6) Derivative financial instruments Net funds Net assets

23 £m Fixed assets Trade receivables Net settlement balances Other debtors/prepayments Payables/accruals(144.7)(167.7) Provisions(7.8)(7.2) (33.1)(14.9) Gross settlement balances - Receivable12, , Payable(12,525.6)11, Operating Assets/(Liabilities)

24 Proforma Balance Sheet £m31 December 2006Chapdelaine Return of CapitalProforma Goodwill/acquisition intangibles Operating assets/(liabilities) and other(40.6)(3.9)-(44.5) Deferred consideration-(19.4) Net funds/(debt)111.2(27.2)(305.0)(221.0) Net assets382.3-(305.0)77.3

Terry Smith Chief Executive

26 Future Developments and Outlook Organisational changes  America  Product development Delivering value through accelerated revenue growth Financial discipline Outlook positive

Appendices

28 Net Funds £m 2006 Proforma 2005 Cash and cash equivalents Other financial assets Eurobond(150.0) Unamortised debt issue costs Fair value0.3(1.6) (148.7)(150.2) Finance leases(3.2)(3.5) Overdrafts(0.2)- Loan notes(0.1) Net funds

29 Movement in Net Funds £m At 31 December Net cash flow52.7 Settlement of balances with Collins Stewart11.2 Effect of movement in exchange rates(14.6) Movement in fair values/amortisation of costs1.5 At 31 December

30 Competitor Analysis - Sources Operating profits are shown before exceptional items and net interest. ICAP is 12 months to September 2006 with prior year comparatives. GFI and eSpeed are 12 months to December 2006 with prior year comparatives. Tradition 12 months to June 2006 with prior year comparative. GFI and US$ = £1. CHF 2.3 = £1.